MoonPay and Mastercard Team Up to Reshape How Stablecoins Are Used in Daily Transactions

In a significant move for the digital payments industry, a new collaboration between MoonPay and Mastercard is set to reshape how stablecoins are used in daily transactions.

In a significant development within the digital payments domain, a new collaboration between MoonPay and Mastercard is poised to revolutionize the role of stablecoins in daily transactions. As revealed through an announcement on X by MoonPay, this partnership will empower crypto wallet users to make payments at over 150 million locations using Mastercard-branded stablecoin cards.

This partnership will provide crypto wallet users with access to Mastercard virtual cards powered by stablecoins. These cards can be used at the 150 million-plus locations where Mastercard is accepted. Notably, all stablecoin transactions will be converted to fiat currency at the point of sale, simplifying the process of using these accounts.

The partnership is fueled by the stablecoin technology developed by Iron, a company that MoonPay acquired in March. This infrastructure will enable companies and fintech services to accept stablecoin transactions. The partnership will also facilitate more efficient and cost-effective cross-border payments and rapid payouts.

MoonPay is setting out to transform crypto wallets into digital bank accounts, offering freelancers, gig workers, and content creators the ability to receive their payments in digital currency. This will streamline payroll for freelancers and independent workers, fostering greater convenience and fairness.

With connections to over 500 crypto platforms, MoonPay is well-equipped to introduce the new feature broadly. Moreover, with over 100 million users and 20 million wallets engaging in monthly stablecoin transactions, the system is prepared for significant growth. This underscores the increasing demand from individuals for user-friendly and reliable methods to integrate digital currencies into their daily expenditures.

Mastercard is keen on introducing new capabilities to its payments through innovation, and this partnership with MoonPay will facilitate the integration of stablecoins as mainstream payment options, according to Scott Abrahams, Executive Vice President of Global Partnerships at Mastercard. The company is focused on continuing to innovate while ensuring the preservation of trust and protection, core values for which Mastercard is recognized.

Ivan Soto-Wright, CEO of MoonPay, added that they have been building a strong partnership with Mastercard, and this initiative will connect the cryptocurrency world with the well-established financial system. The goal is to provide the building blocks for a future where cryptocurrencies can be used seamlessly for everyday payments.

News data source: kdj.com

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